"Grupo Bancolombia does not plan to issue shares this year,"
Yepes said. "Nor is a bond sale planned this year. We do think
that in the future, particularly next year, we might think
about issuing capital. But not in 2013."

Bancolombia’s HSBC Panamá acquisition
was the largest of a series of purchases by Colombian lenders
into Central America in the past 18 months.

Most recently, Banco de Bogotá bought two Central
American units. It
plans to sell $500 million in equity before the end of the
year, to support the acquisition of BBVA Panamá, it said
Wednesday. The transaction remains to be approved by the
bank’s board.

"When an acquisition opportunity appears for sale, we
analyze it," Alejandro Figueroa said. "And if we think
it’s a good investment, we will go ahead. But at
the moment we have nothing in sight."

The expansion of Colombia’s banks has been
rapid. Five years ago, they had 42 subsidiaries and around
$11.2 billion worth of assets outside the country. Today, they
have 162 international subsidiaries, worth around $41.1
billion.